You Now Need $100,000 In Income To Buy A Typical Condo In Toronto

If this keeps up, home ownership in Toronto could soon be solely for the wealthy.

The income needed to qualify for a mortgage on an average Greater Toronto Area condo has soared by nearly a third over the past year, according to a new report, and it's due to both rising prices and tougher new mortgage rules.

Homebuyers needed an income of at least $100,000 to qualify for a mortgage on an average-priced condo in the first quarter of this year, according to numbers released Wednesday by real...

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